Technical Update For EUR/USD, USD/CAD, AUD/USD & NZD/USD: 27.12.2017

Anil Panchal
Technical Update For EUR/USD, USD/CAD, AUD/USD & NZD/USD: 27.12.2017


Even after clearing 100-day SMA level, the EURUSD’s up-moves are soon likely to be challenged by almost four-month old downward slanting trend-line, around 1.1910 now, which if broken could quickly direct the pair’s rise towards 1.1980 and then to the 1.2030 resistances. Given the quote successfully trades beyond 1.2030, the September month high around 1.2090, near to 1.2100 mark, become important for buyers to watch. On the downside, a daily close below 100-day SMA level of 1.1805 could drag prices to the 1.1755 ahead of highlighting the 1.1720-10 horizontal-region. In case if the pair declines beneath 1.1710, an ascending TL at 1.1650 and the 1.1555-50 may appear on sellers’ radar.


Break of ten-week old upward slanting TL indicates the USDCAD’s further downside in direction to 100-day SMA level of 1.2600 but oversold RSI might restrict its declines afterwards, failing to which could flash 1.2555 and the 1.2530 on the chart. If at all Bears rule the momentum post 1.2530 clearance, the 1.2480 & 1.2450 may please them. Should the pair fails to sustain its recent breakdown and closes above 1.2710 trend-line, the 50-day SMA level of 1.2760 and the 1.2800 can entertain follow-on traders. Though, 1.2880 and the 1.2910-20 area, comprising 200-day SMA, might confine the pair’s additional upside.


With the clear break of 0.7730-35 horizontal-zone, the AUDUSD seems all set to challenge the 100-day SMA level of 0.7780 but its further advances might be capped by overbought RSI and nearness to 0.7815 resistance-mark. If the pair continue rising after 0.7815, the 0.7860, the 0.7880 and the 0.7900 can be aimed while being long. Alternatively, a dip below 0.7730 negates the pair’s latest strength and may drag it back to 0.7710 and then to the 200-day SMA level of 0.7690. During the pair’s extended declines below 0.7690, the 0.7640 and the 0.7610 are likely supports to gain importance.


NZDUSD is presently struggling with 100-day SMA level of 0.7075 in order to meet the 0.7105 mark, encompassing 200-day SMA. Should the pair manage to trade above 0.7105, the 0.7145 might offer an intermediate halt during its north-run to challenge the 0.7205 trend-line resistance. Meanwhile, pair’s inability to surpass 0.7075 may reprint 0.7050 and 0.7025 as quotes, breaking which the 0.6975, 0.6945 and the 50-day SMA level of 0.6915 are likely consecutive supports to entertain sellers. In case if prices keep declining beneath 0.6915, the 0.6870 and the 0.6820-15 should be observed closely ahead of looking at November low of 0.6780.

Cheers and Safe Trading,
Anil Panchal

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